QUIT CLAIM DEED – Land Contracts
Quit-claim deed explained for you
It is a deed that is used to transfer interest in the property that is real. The entity that is transferring the interest is known to be as the Grantor while the receiver is said to be as Grantee. It is the means of transferring ownership. This is a form where property transfers its ownership without selling the property. There is no money involved in the transfer. There is no title insurance as well as there is no title search to verify ownership.
This is done when the ownership is done within family members. It can also be used if any insurance company title finds potential owner and so that he cannot claim on the property in the future the quit- claim deed. This deed is valid on the ownership of the house but not for the mortgage.
Here one will need to provide the description of the property that is being transferred and legally. They will also need to provide a date if its ownership that is transferred. The name of both the grantor and the grantee are needed. There shall be witness whose signature is needed too, to keep a record in the public office in front of the notary.
This deed is useful as because it acts like a proof that the property is yours even if the property has been owned by someone else before you. You can hire an attorney to do your work as will help you to understand the implications of such transfers.
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